POLITICO: Cantor to step down as majority leader

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House Majority Leader Eric Cantor will hold a 4:30 p.m. news conference, minutes after after he is expected to announce to colleagues that he will resign from his post as the No. 2 GOP lawmaker.

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At the same time, senior House Republicans are discussing moving quickly to schedule leadership elections — perhaps as soon as next week. Majority Whip Kevin McCarthy (R-Calif.) will seek the No. 2 job, which means two slots will open in the leadership hierarchy. A quick election would benefit McCarthy, who has a significant Capitol operation.